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Amazon Becomes Biggest Renewable Energy Buyer

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The global tech giant Amazon.com, Inc. (AMZN) added 14 new renewable energy projects in the U.S., Canada, Finland, and Spain. The company now is the biggest corporate renewable energy buyer in the U.S. and the world.

Amazon is determined to convert all of its business operations to 100% renewable energy by 2025, five years ahead of its original target of 2030. (See Amazon stock chart on TipRanks)

Of the 14 new projects, 11 are in the U.S. Meanwhile, Canada’s solar farm and Finland’s wind farm are slated to begin producing energy in 2022 while Spain’s solar project will start contributing power in 2023. With these projects, the company’s total energy investments reach 10 gigawatts of electricity production capacity—enough to power 2.5 million U.S. homes.

Also, the company has 232 renewable energy projects globally, including 85 utility-scale wind and solar projects and 147 solar rooftops on facilities and stores worldwide.

Amazon and Global Optimism co-founded The Climate Pledge in 2019, which aims to attain net-zero carbon emissions by 2040, 10 years ahead of the Paris Agreement.

Jeff Bezos, Amazon’s founder and CEO said, “Our investments in wind and solar energy in the U.S. and around the world send a signal that investing in green technologies is the right thing to do for the planet and citizens—as well as for the long-term success of businesses of all sizes across all industries everywhere.”

Jefferies analyst Brent Thill recently reiterated a Buy rating on the stock with a price target of $4,200 implying 19.8% upside potential from current levels.

Thill anticipates that Amazon’s Prime Day festival will add $6.8 billion to net sales this year. He noted, “Our estimate implies AMZN sells 2.7 times more Gross Merchandise Value (GMV) than on an average day… if media reports prove correct and AMZN hosts a 2nd Prime Day in the Fall, we estimate combined GMV/Sales of $20.6B/$14.9B, which is an incremental $10.6B/$7.4B vs. 2020.”

Based on 33 unanimous Buys, the stock has a Strong Buy consensus rating. The average Amazon analyst price target of $4281.25 implies 22.1% upside potential to current levels. Shares have gained 26.8% over the past year.

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